Lenox Files For Bankruptcy
China and collectibles maker, The Lenox Group has become the latest company to stumble in the current economic climate. The company filed for Chapter 11 bankruptcy protection this week. Lenox usually does a brisk business this time of year in gifts, ornaments and holiday dinnerware. The company was known as Department 56 until 2005 when it changed its name after buying Lenox Inc., a fine-china maker. It says debt related to the acquisition and the weakening financial markets lead to the filing. Like many other companies, Lenox will continue to operate during the bankruptcy. It is seeking $85 million in financing from its lenders to pay employees and normal operating expenses.